Chart of the Day: Arista Networks Is Trying to Catch a Break
The stock has been range bound for several weeks and is struggling to stay above water.
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Some of the better known names in the AI community have risen sharply over the last couple of months, but it’s been a reality check for others.
Arista Networks (ANET) showed some life in April and ripped higher on very good volume. All indicators were bullish and a new high was achieved. However, the stock came down sharply following a slight miss on earnings and guidance in April and ever since Arista has been floundering. It should come as no surprise, though, as we look back on the chart and see very similar action over short periods of time.
The chart is slightly bearish, with pink candles (cautious bearish) and a MACD sell signal in place. Money flow, however, has been strengthening (bottom), while the stochastics have rolled over (momentum pointing down).
Trading in a range and near moving averages is a familiar sport for Arista. Until there is an emphatic move up or down then we should say it is “buy the dips, sell the rips.” Above $175 would be an ideal situation for the bulls.
We like Arista Networks in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long ANET.
